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In his £394.9m Open Global Distribution fund, Mr Rebak said he has been reducing the holding – managed by Robin Geffen (pictured) and three assistant managers – to allow him to initiate new positions in Jan Luthman and Stephen Bailey’s £224m Walker Crips Equity Income fund and Clare Hart’s £674.9m JPMorgan US Equity Income fund.

“The Neptune fund is coming down. It is roughly 2 per cent now, but it will be sold down to zero,” Mr Rebak said.

“I have been looking for new ideas and been using that as a source of capital.”

The manager said the two new additions give his fund more exposure to small-cap stocks and geographic diversification, adding he is also looking at a potential Asian fund.

Mr Rebak has also reduced his exposure to the £775.1m Schroder Income Maximiser fund, run by Thomas See, from 8 to 7 per cent “after a strong run in financial stocks and value plays”.

Elsewhere, in Mr Rebak’s £167.1m Open Global Return fund, a 1 per cent holding in the Schroder vehicle has been divested completely, as has a holding in a Nuveen Investments fund.

Mr Rebak did, however, purchase a new position in Polar Capital’s £802.3m Japan fund, run by James Salter and Gerard Cawley.

“We took the sterling hedged share class in that fund, which worked out well as I started my position shortly after Japan’s first trade deficit in 30 years was announced and the currency started to weaken, which was helpful to us.”

Mr Rebak also said that at the margins of Open Global Return, he has started new positions of roughly 0.6 per cent in the $42.1m (£26.1m) Polar Emerging Markets Income and Polunin Developing Countries funds.